Don't call it a stablecoin: How did a ‘synthetic dollar' generate a yield of 113%? [Yahoo! Finance]
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: Yahoo! Finance
While it took the stablecoin titans Tether and Circle , which together demand 90% of the market, years to reach a $2 billion market cap, Ethena's token needed just four months. By tokenizing U.S. Treasuries, stablecoins generate yield for issuers, which are “some of the most profitable financial companies in the world,” Teddy Fusaro, president of Bitwise, told Fortune. As a result, competition is growing The reason for Ethena's rapid rise is fairly simple: It generates a staggering annual yield (updated on a weekly basis) that's deposited back to investors. Reaching highs of 113% in March, and 37% earlier this month, it's since dropped to around 12% as markets cooled. By offering a stable place to store crypto, while generating returns, Fusaro noted, it should “at least in theory, be better” than other stablecoins, which don't produce yield for customers. How a dollar-pegged coin can offer a best-of-both-worlds approach is less straightforward. “If not free money, it's at least
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News
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- Crisis management: the last line of defence [Financial Times (FT.com) (UK)]Financial Times
- US Regulators Discuss Finalizing Bank Capital Rules as Soon as August [BNN Bloomberg (Canada)]BNN Bloomberg
- NYCB CEO predicts a 'clear path to profitability' after disclosing first-quarter loss [Yahoo! Finance]Yahoo! Finance
FCNCA
Earnings
- 4/25/24 - Beat
FCNCA
Sec Filings
- 4/30/24 - Form 4
- 4/26/24 - Form 144
- 4/25/24 - Form 8-K
- FCNCA's page on the SEC website